National pension fund to buy into Agricultural Bank of China
BACHF | Quote | Chart | News | PowerRating -- 19 November 2009 - China's National Social Security Fund (NSSF) will
join state-run Agricultural Bank of China as an investor, China
Knowledge reported today citing the lender's vice president Pan
Gongsheng as saying.
The new investor will be introduced before the bank's IPO, with the
deal likely to be finanlised by end-2009, said Pan, who is also
responsible for the lender's bourse debut and restructuring.
The exact amount of NSSF's investment is to be determined in the course
of the ongoing negotiations between the two parties.
The pension fund is said to pump up to CNY20bn (USD2.9bn/EUR2bn) into
the Chinese bank, thus becoming the first strategic investor before its
listing.
However, Pan did not specify whether NSSF would enter the lender as a
strategic or as a financial investor.
The Chinese bank, whose equity is equally split among the finance
ministry and Central Huijin Investment Co, has reportedly commenced
discussions with prospective strategic investors, including French bank
Credit Agricole (EPA:ACA) and Toronto-based Bank of Montreal (TSE:BMO).
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